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Homewood Trustees Consider New TIF District Including Former Walmart Store

Posted on by angelo
Homewood Trustees Consider New TIF District Including Former Walmart Store

Walmart closed its store at 17550 S. Halsted St. in March 2023, and Homewood officials are now considering establishing a new tax increment financing district on the west side of Halsted to help attract a developer to the site.

Homewood Trustees Consider New TIF District Including Former Walmart Store
The Walmart supermarket in Homewood as it appeared about a week after it closed in March 2023. (Chronicle file photo)

The board will consider a contract Tuesday, July 9, with Ryan LLC to conduct a feasibility study and create a redevelopment plan for the proposed TIF district. The board will meet at 7 p.m. in the village hall, 2020 Chestnut Road.

The district would encompass properties on the west side of Halsted Street and south of 175th Street, including the former Walmart property, according to village economic and community development director Angela Mesaros.

“The purpose of the TIF is to provide a flexible mechanism to encourage the redevelopment of the former Walmart at 17550 Halsted St.,” she said in a memo to council. “It is important to note that any potential redevelopment on or around the vacant Walmart site will require a financial investment by the village. This investment can be achieved through the creation of a tax increment financing district.”

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The proposed contract would consist of two phases: an assessment of qualification criteria and the implementation of a redevelopment plan. The estimated cost of the contract is $23,500, plus possible contingencies of just over $3,500.

Related articles:

  • Walmart Gets Class 8 Tax Break, Answers Tough Questions From Homewood Residents (August 23, 2015).
  • It’s official: Tax sharing, easement agreement will help Glenwood cope with loss of Walmart (July 13, 2016).
  • Walmart Hiring About 200 Workers for Homewood Store (September 26, 2016).
  • Walmart opens new supercenter in Homewood (October 27, 2016).
  • Walmart Announces Homewood Store Will Close After Failing to Meet Financial Expectations (February 8, 2023).
  • Homewood officials disappointed by Walmart closure turn to search for replacement (Feb. 9, 2023).
  • Homewood Trustees Vote to Suspend Property Tax Break for Walmart (April 3, 2023)
  • Walmart Equipment to be Auctioned (June 19, 2023)